Congress Shouldn't Kill Crucial Energy Industry Deduction

Taxes on business are properly applied after subtracting production costs: wages and salaries, the costs of materials and energy, the costs of acquiring and maintaining buildings, and so on. After all, such costs are not part of business income — except to the extent that the payments for them are income for the underlying workers and suppliers, who pay the requisite taxes. Taxing the business income of any company without excluding such costs would be blatant double taxation. Read Full Article »